New editions of the State Legislative Tracker and The Policy Tracker available now!

Wyoming state budget and finances

From Ballotpedia
(Redirected from Wyoming state budget)
Jump to: navigation, search

Wyoming budget and finances
Policypedia Budget Policy-logo-no background.png
General information
Budget calendar:
Biennial
Fiscal year:
2015
State credit rating:
AAA (as of 2014)
Current governor:
Matt Mead
Financial figures
Total spending (state and federal funds):
$7.6 billion (estimated for 2014)
Per capita spending:
$13,087.32 (estimated for 2014)
Total state tax collections:
$2.2 billion (2013)
Per capita tax collections:
$3,748.23 (2013)
State debt:
$10 billion (as of 2014)
Per capita state debt:
$17,265 (as of 2014)
State budgets and finances
AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyoming

Horizontal-Policypedia logo-color.png
Total state expendituresState debtTax policy in Wyoming
Note: This page utilizes information from a variety of sources. As such, the currency of the information varies somewhat. The information presented on this page reflects the most recent data available as of February 2015.
Between fiscal years 2013 and 2014, total government spending in Wyoming decreased by approximately $1.5 billion, from $9.1 billion in fiscal year 2013 to an estimated $7.6 billion in 2014. This represents a 16.3 percent decrease. The cumulative rate of inflation during the same period was 1.58 percent, calculated using the Consumer Price Indices for January 2013 and January 2014. As of 2014, financial services firm Standard and Poor's had assigned Wyoming a credit rating of AAA.[1][2][3]
In fiscal year 2014, Wyoming's estimated government spending per capita totaled $13,087, the second highest in the nation.

Spending

Definitions

The information below comes from the National Association of State Budget Officers (NASBO). These spending figures are broken into three broad categories in order to facilitate comparison between the states.[3]

  • State funds: State funds include general and other state-based funds. A general fund is "the predominant fund for financing a state's operations." Other state funds are "restricted by law for particular governmental functions or activities."
  • Federal funds: Federal funds are "funds received directly from the federal government."
  • Total spending: Total spending is calculated by adding together the totals for state and federal funds.

These figures exclude spending from the sale of bonds.

2014 expenditures

See also: Total state expenditures

The table below breaks down estimated spending totals for fiscal year 2014 (comparable figures from surrounding states are included to provide additional context). Figures for all columns except "Population” and “Per capita spending" are rendered in millions of dollars (for example, $2,448 translates to $2,448,000,000). Figures in the columns labeled "Population” and “Per capita spending" have not been abbreviated.[3]

In Wyoming in fiscal year 2014, estimated per capita government spending equaled $13,087.32, a greater amount than in any neighboring state.

Total estimated state spending, FY 2014 ($ in millions)
State State funds Federal funds Total spending Population Per capita spending
Wyoming $5,563 $2,082 $7,645 584,153 $13,087.32
Colorado $22,531 $7,756 $30,287 5,355,866 $5,654.92
Idaho $4,530 $2,814 $7,344 1,634,464 $4,493.22
Montana $4,039 $2,149 $6,188 1,023,579 $6,045.45
Utah $9,263 $3,644 $12,907 2,942,902 $4,385.81
Per capita figures are calculated by taking the state's total spending and dividing by the number of state residents according to United States Census estimates.[4]
Source: National Association of State Budget Officers

Spending by function

See also: State spending by function as a percent of total expenditures
Breakdown of spending by function in FY 2013
Source: National Association of State Budget Officers

State spending in Wyoming can be further broken down by function (elementary and secondary education, public assistance, etc.). Fiscal year 2013 information is included in the table below (information from neighboring states is provided for additional context). Figures are rendered as percentages, indicating the share of the total budget spent per category.[3]

In Wyoming in fiscal year 2013, K-12 education accounted for 10.9 percent of total government spending, a smaller share than in any neighboring state.

State spending by function as a percent of total expenditures, FY 2013
State K-12 education Higher education Public assistance Medicaid Corrections Trans-
portation
Other
Wyoming 10.9% 4.8% 0% 6.6% 1.4% 6.4% 70%
Colorado 26% 8.3% 0% 22% 2.6% 8.5% 32.6%
Idaho 24.2% 8.1% 0.2% 28% 3.8% 9.6% 25.9%
Montana 15.5% 10.1% 0.5% 17.9% 3.2% 11% 41.8%
Utah 23.6% 11.5% 0.6% 17.2% 2.1% 10.4% 34.6%
Source: National Association of State Budget Officers
Note: "Other" expenditures include "Children's Health Insurance Program (CHIP), institutional and community care for the mentally ill and developmentally disabled, public health programs, employer contributions to pensions and health benefits, economic development, environmental projects, state police, parks and recreation, housing and general aid to local governments."[3]

Spending trends

Between 2009 and 2013, the share of the Wyoming state budget spent on transportation decreased from 13.2 percent to 6.4 percent. See the table below for further details (figures are rendered as percentages, indicating the share of the total budget spent per category).[3][5][6][7][8]

Spending by function from 2009 to 2013 (as percentages)
Year K-12 education Higher education Public assistance Medicaid Corrections Transportation Other
2013 10.9% 4.8% 0.0% 6.6% 1.4% 6.4% 70%
2012 3.9% 5.5% 0.0% 9.5% 4.6% 9.5% 66.9%
2011 3.8% 5.4% 0.0% 9.0% 4.5% 11.0% 66.2%
2010 11.7% 5.3% 0.0% 7.3% 1.6% 13.2% 61.0%
2009 11.7% 5.3% 0.0% 7.0% 1.5% 13.2% 61.3%
Source: National Association of State Budget Officers
Note: "Other" expenditures include "Children's Health Insurance Program (CHIP), institutional and community care for the mentally ill and developmentally disabled, public health programs, employer contributions to pensions and health benefits, economic development, environmental projects, state police, parks and recreation, housing and general aid to local governments."[3]

Revenues

2013 revenues

See also: State government tax collections by source

The table below breaks down state government tax collections by source in 2013 (comparable figures from surrounding states are also provided to give additional context). Figures for all columns except "population" and "per capita revenue" are rendered in thousands of dollars (for example, $2,448 translates to $2,448,000). Figures in the columns labeled "population" and "per capita revenue" have not been abbreviated).[9]

In Wyoming in 2013, per capita tax collections equaled $3,748.23, a greater amount than in any neighboring state.

State tax collections by source ($ in thousands)
State Property taxes Sales and gross receipts Licenses Individual income taxes Corporation net income taxes Other taxes Total 2013 population Per capita collections
Wyoming $331,899 $826,387 $155,241 N/A N/A $872,527 $2,186,054 583,223 $3,748.23
Colorado N/A $4,279,544 $637,707 $5,528,485 $652,180 $147,746 $11,245,662 5,272,086 $2,133.06
Idaho N/A $1,773,270 $306,627 $1,292,562 $200,340 $6,294 $3,579,093 1,612,843 $2,219.12
Montana $262,313 $558,961 $320,858 $1,045,500 $170,999 $285,979 $2,644,610 1,014,864 $2,605.88
Utah N/A $2,739,916 $294,174 $2,852,088 $330,684 $112,050 $6,328,912 2,902,787 $2,180.29
Source: Tax Policy Center, "State Tax Collection Sources 2000-2013," June 20, 2014
Wyoming tax collections by source in 2013
Source: Tax Policy Center

The table below lists 2013 tax collections by source as percentages of total collections. Sales taxes and gross receipts accounted for 38 percent of total state tax collections in Wyoming.[9]

State tax collections by source (as percentages)
State Property taxes Sales and gross receipts Licenses Individual income taxes Corporation net income taxes Other taxes
Wyoming 15.18% 37.80% 7.10% N/A N/A 39.91%
Colorado N/A 38.06% 5.67% 49.16% 5.80% 1.31%
Idaho N/A 49.55% 8.57% 36.11% 5.60% 0.18%
Montana 9.92% 21.14% 12.13% 39.53% 6.47% 10.81%
Utah N/A 43.29% 4.65% 45.06% 5.22% 1.77%
Source: Tax Policy Center, "State Tax Collection Sources 2000-2013," June 20, 2014

Current fiscal year budget

Biennium 2015-2016

DocumentIcon.jpg See budget bill: HB 0001

Governor Matt Mead announced his 2015-2016 biennial budget proposal on November 29, 2013. Under the governor's proposal, total general fund spending for the biennium would have equaled approximately $3.4 billion.[10]

On March 5, 2014, Mead signed into law the fiscal year 2015 budget. The enacted budget totaled $3.3 billion.[10]

State debt

See also: State debt

According to a January 2014 report by the nonprofit organization State Budget Solutions, Wyoming had a state debt of approximately $10 billion. Its state debt per capita was $17,265. The report revealed that state governments faced a combined $5.1 trillion in debt. The obligation amounted to $16,178 per capita in the nation.[11]

Total state debt, 2014
State Total state debt State debt per capita Per capita debt ranking
Wyoming $9,951,523,000 $17,265 18
Colorado $86,879,414,000 $16,748 19
Idaho $15,094,322,000 $9,459 44
Montana $15,769,183,000 $15,689 22
Utah $35,727,752,000 $12,513 37
Sources: State Budget Solutions, "State Budget Solutions' Fourth Annual State Debt Report," January 8, 2014

Public pensions

See also: Wyoming public pensions and Wyoming public employee salaries

A 2012 report from the Pew Center on the States noted that Wyoming's pension system was funded at 86 percent at the close of fiscal year 2010, above the 80 percent funding level experts recommend. Consequently, Pew designated the state's pension system as a "solid performer."[12]

The funding ratio for the state's pension system decreased from 94.50 percent in January 2008 to 79.62 percent in January 2013, a drop of 14.88 percentage points, or 15.7 percent. Likewise, unfunded liabilities increased from approximately $376 million in January 2008 to nearly $1.7 billion in January 2013.

Credit ratings

See also: State credit ratings

Credit rating agencies, such as Standard and Poor's, assign grades to states that take into account a state's ability to pay debts and the general health of the state's economy. Generally speaking, a higher credit rating indicates lower interest costs on the general obligation bonds states sometimes sell to investors in order to finance large-scale undertakings (e.g., road construction and other public works projects). This in turn results in lower interest costs, thereby lowering the cost to taxpayers.[13][14]

The table below lists the Standard and Poor's credit ratings for Wyoming and surrounding states from 2004 to 2014. Standard and Poor's grades range from AAA, the highest available, to BBB, the lowest.[15]

State credit ratings, 2004 to 2014
State 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
Wyoming AAA AAA AAA AAA AA+ AA+ AA+ AA AA AA AA
Colorado AA AA AA AA AA AA AA AA AA- AA- AA-
Idaho AA+ AA+ AA+ AA+ AA AA AA AA AA AA AA
Montana AA AA AA AA AA AA AA AA- AA- AA- AA-
Utah AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA
Source: Stateline: The Daily News Service of The Pew Charitable Trusts, "Infographic: S&P State Credit Ratings, 2001-2014," June 9, 2014

Federal aid to state budget

See also: Federal aid to state budgets

State governments receive aid from the federal government to fund a variety of joint programs, such as Medicaid. Federal aid varies considerably from state to state. For example, Mississippi received approximately $7.7 billion in federal aid in 2012, which accounted for more than 45 percent of the state's general revenues. By contrast, Alaska received roughly $2.9 billion in federal aid in 2012, just under 20 percent of the state's general revenues.[16]

The table below notes what share of Wyoming’s general revenues came from the federal government in 2012. That year, Wyoming received approximately $2.2 billion in federal aid, 37.5 percent of the state's total general revenues. Figures from surrounding states are provided for additional context.[16]

Federal aid to state budgets, 2012
State Total federal aid ($ in thousands) Federal aid as a % of general revenue Ranking
Wyoming $2,213,249 37.51% 8
Colorado $6,310,538 28.84% 35
Idaho $2,479,094 34.90% 16
Montana $2,202,444 38.97% 6
Utah $4,481,494 31.61% 31
Source: United States Census Bureau, "State Government Finances: 2012," accessed February 24, 2014

Stimulus

According to Recovery.gov, the official government website for the Recovery Accountability and Transparency Board, under the American Recovery and Reinvestment Act, Wyoming received $618.1 million in federal stimulus funding between February 2009 and June 2013.[17]

Budget process

The state operates on a biennial budget cycle. The sequence of key events in the budget process is as follows:[18][19]

  1. Budget instruction guidelines are sent to state agencies on or before June 15.
  2. State agencies submit their budget requests in September.
  3. Agency hearings are held by November 20.
  4. The Wyoming State Legislature adopts a budget in March. A simple majority is required to pass a budget.
  5. The biennial budget cycle begins in July.

Wyoming is one of 44 states in which the governor has line item veto authority.[19]

In Wyoming, the governor is constitutionally required to submit a balanced budget. In addition, the legislature is constitutionally required to pass a balanced budget.[19]

Agencies, offices and committees

The following standing committees in the Wyoming State Legislature deal with budget and finance matters:

  1. Appropriations Committee, Wyoming House of Representatives
  2. Appropriations Committee, Wyoming State Senate
  3. Joint Appropriations Committee, Wyoming State Legislature
  4. Revenue Committee, Wyoming House of Representatives

Studies and reports

U.S. PIRG "Following the Money" report

See also: "Following the Money" report, 2014

The U.S. Public Interest Research Group, a consumer-focused nonprofit organization based in Washington, D.C., released its annual report on state transparency websites in April 2014. The report, entitled "Following the Money," measured how transparent and accountable state websites are with regard to state government spending.[20] According to the report, Wyoming received a grade of C- and a numerical score of 68, indicating that Wyoming was "middling" in terms of transparency regarding state spending.[20]

Budget and finance ballot measures

See also: State and local government budgets, spending and finance on the ballot and List of Wyoming ballot measures

Ballotpedia has tracked 3 ballot measures relating to state and local budget and financial matters in Wyoming.

  1. Wyoming Investment of Funds in Equities Amendment (2016)
  2. Wyoming Local Economic and Industrial Development, Question B (2004)
  3. Wyoming Workers Compensation Fund, Amendment C (1998)

Recent news

This section displays the most recent stories in a Google news search for the term "Wyoming + budget"

All stories may not be relevant to this page due to the nature of the search engine.

Wyoming state budget news feed

  • Loading...

Contact information

Wyoming Department of Administration and Information
Budget Division
2800 Central Avenue
Cheyenne, Wyoming 82002
Phone: 307-777-6045
Website

See also

External links

Additional reading

References

  1. Bureau of Labor Statistics, "CPI Detailed Report Data for February 2014," accessed April 9, 2014
  2. InflationData.com, "Cumulative Inflation Calculator," February 28, 2014
  3. 3.0 3.1 3.2 3.3 3.4 3.5 3.6 National Association of State Budget Officers, "State Expenditure Report: 2012-2014," accessed February 18, 2015
  4. United States Census Bureau, "State and County QuickFacts," accessed February 23, 2014
  5. National Association of State Budget Officers, "State Expenditure Report, 2009-2011," accessed February 24, 2014
  6. National Association of State Budget Officers, "State Expenditures Report, 2010-2012," accessed February 24, 2014
  7. National Association of State Budget Officers, "State Expenditure Report, 2009," accessed February 24, 2014
  8. National Association of State Budget Officers, "State Expenditure Report, 2008," accessed February 24, 2014
  9. 9.0 9.1 Tax Policy Center, "State Tax Collection Sources 2000-2013," June 20, 2014
  10. 10.0 10.1 National Association of State Budget Officers, "Summaries of Fiscal Year 2015 Proposed and Enacted Budgets," July 11, 2014
  11. State Budget Solutions, "State Budget Solutions' Fourth Annual State Debt Report," January 8, 2014
  12. Pew Center on the States, "Widening Gap Update: Wyoming," June 18, 2012
  13. Stateline: The Daily News Service of The Pew Charitable Trusts, "Infographic: S&P State Credit Ratings, 2001-2012," July 13, 2012
  14. Bankrate, "The 6 states with the worst credit ratings," September 27, 2012
  15. Stateline: The Daily News Service of The Pew Charitable Trusts, "Infographic: S&P State Credit Ratings, 2001-2014," June 9, 2014
  16. 16.0 16.1 United States Census Bureau, "State Government Finances: 2012," accessed February 24, 2014
  17. Recovery.gov, "Stimulus Spending by State," accessed February 21, 2014
  18. National Conference of State Legislatures, "State Experiences with Annual and Biennial Budgeting," updated April 2011
  19. 19.0 19.1 19.2 National Association of State Budget Officers, "Budget Processes in the States, Summer 2008," accessed February 21, 2014
  20. 20.0 20.1 U.S. Public Interest Research Group, "Following the Money 2014 Report," accessed April 15, 2014